Troy Asset Management
Sebastian Lyon (founder)LONDON, X0files as Troy Asset Management Ltd
$3.6bn in 29 US stocks at the end of 30 June 2026. The top 10 are 82.6% of the money. It changed about 8.7% of the portfolio this quarter.
Value
$3.6bn
Stocks
29
Top 10 share
82.6%
Turnover
8.7%
What changed this quarter
New
Bought for the first time this quarter.
- Markel GroupMKL3.4% of the fund
- Canadian Pacific Kansas CityCP0.4% of the fund
- AstrazenecaAZN0.2% of the fund
Added
Bought more of a stock they already held.
- Agilent TechnologiesA9.9% of the fund+11%
- AlconALC5.8% of the fund+27%
- MastercardMA2.0% of the fund+8%
- CME GroupCME1.7% of the fund+22%
- Meta PlatformsMETA1.3% of the fund+18%
- Booking HoldingsBKNG1.1% of the fund+21%
- Amazon.comAMZN0.9% of the fund+10%
- S&P GlobalSPGI0.5% of the fund+10%
- Take TWO Interactive SoftwareTTWO0.5% of the fund+10%
- Moody'sMCO0.4% of the fund+10%
Cut
Sold some of their stake.
- AlphabetGOOGL12.8% of the fund-13%
- Canadian National RailwayCNI9.0% of the fund-2%
- MicrosoftMSFT6.9% of the fund-4%
- HubbellHUBB6.4% of the fund-21%
- VerisignVRSN4.7% of the fund-14%
- AdobeADBE2.7% of the fund-10%
- Texas InstrumentsTXN1.3% of the fund-7%
- SyscoSYY0.9% of the fund-7%
- PaychexPAYX0.7% of the fund-31%
- PepsiCoPEP0.7% of the fund-7%
- Philip Morris InternationalPM0.6% of the fund-5%
- NikeNKE0.5% of the fund-7%
- IntuitINTU0.4% of the fund-19%
- KenvueKVUE0.4% of the fund-7%
Sold out
Sold their entire stake.
Holdings
- Canadian National RailwayCNI
- Share
- 9.0%
- Value
- $322m
- Shares
- 2,564,246
-2%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| VisaV | 15.6% | $560m | 1,632,408 | Held |
| AlphabetGOOGL | 12.8% | $458m | 1,282,411 | -13% |
| Agilent TechnologiesA | 9.9% | $356m | 2,676,647 | +11% |
| Canadian National RailwayCNI | 9.0% | $322m | 2,564,246 | -2% |
| ChubbCB | 8.2% | $295m | 866,176 | Held |
| MicrosoftMSFT | 6.9% | $246m | 659,861 | -4% |
| HubbellHUBB | 6.4% | $229m | 438,244 | -21% |
| AlconALC | 5.8% | $208m | 3,801,548 | +27% |
| VerisignVRSN | 4.7% | $169m | 670,837 | -14% |
| Markel GroupMKL | 3.4% | $120m | 61,509 | New |
| AdobeADBE | 2.7% | $97m | 473,694 | -10% |
| MastercardMA | 2.0% | $71m | 138,720 | +8% |
| CME GroupCME | 1.7% | $62m | 278,677 | +22% |
| Meta PlatformsMETA | 1.3% | $48m | 85,011 | +18% |
| Texas InstrumentsTXN | 1.3% | $46m | 153,815 | -7% |
| Booking HoldingsBKNG | 1.1% | $41m | 231,246 | +21% |
| Amazon.comAMZN | 0.9% | $32m | 134,889 | +10% |
| SyscoSYY | 0.9% | $31m | 376,447 | -7% |
| PaychexPAYX | 0.7% | $25m | 250,985 | -31% |
| PepsiCoPEP | 0.7% | $25m | 182,153 | -7% |
| Philip Morris InternationalPM | 0.6% | $22m | 123,550 | -5% |
| NikeNKE | 0.5% | $19m | 462,264 | -7% |
| S&P GlobalSPGI | 0.5% | $18m | 45,404 | +10% |
| Take TWO Interactive SoftwareTTWO | 0.5% | $18m | 71,786 | +10% |
| Canadian Pacific Kansas CityCP | 0.4% | $16m | 183,413 | New |
| IntuitINTU | 0.4% | $15m | 58,195 | -19% |
| KenvueKVUE | 0.4% | $14m | 749,323 | -7% |
| Moody'sMCO | 0.4% | $14m | 31,468 | +10% |
| AstrazenecaAZN | 0.2% | $7m | 52,367 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 2.0% since 30 June 2025.
Where the money is
Financial services31.8%
Industrials16.5%
Technology16.0%
Health care15.9%
Media & telecom14.6%
Everyday goods2.6%
Retail & consumer2.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.